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US State Of Pennsylvania Warned Is Facing Bankruptcy

 
Dead Man Walking
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01/28/2010 12:27 PM
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US State Of Pennsylvania Warned Is Facing Bankruptcy
[link to www.eutimes.net]



Posted by Europe on Jan 27, 2010



Future for America
Harrisburg, Pennsylvania, the capital of the sixth-largest U.S. state by population, should skip a $2.2 million debt service payment due Feb. 1 and consider bankruptcy, City Controller Dan Miller said.

Harrisburg faces $68 million in payments this year in connection with a waste-to-energy incinerator and should weigh Chapter 9 protection from creditors or state oversight through a program known as Act 47, Miller said today. Chapter 9 bankruptcy allows municipalities to reorganize rather than liquidate.

The alternatives are to sell assets such as an historic downtown market; an island in the Susquehanna River that includes the city’s minor-league baseball stadium; and the city’s parking, sewer and water systems, according to a preliminary 2010 budget and an emergency financial plan submitted yesterday.

“What I’m suggesting is we stop paying the debt service until we have a plan or we decide which way to go, in bankruptcy or Act 47,” Miller, a former city council member who became controller this month, said in a telephone interview. “I think it could save our assets instead of selling them.”

Mayor Linda Thompson, who unseated 18-year incumbent Mayor Stephen Reed in a Democratic party primary last year to lead the city of 47,000, didn’t return a call to her office for comment.

Thompson is scheduled to present her budget proposal to the city council tonight. The council has until Feb. 15 to adopt a final budget.

Asset Sales, Fees

Management Partners Inc. of Cincinnati, a consulting firm hired to study the city’s finances, recommended selling assets, raising city inspection and recreation fees, and reopening city labor contracts.

Harrisburg owes a total of $68 million in payments it guaranteed on bonds issued by the Harrisburg Authority for the incinerator and on a $35 million working capital loan for the project.

The city skipped more than $3.5 million in debt service and swap payments last year, prompting draws on reserves and back-up payments by Dauphin County, where Harrisburg is located, which has sued the city to recover its payments.

Harrisburg’s debt was downgraded to high-yield, high-risk junk status by Moody’s Investors Service in October. Moody’s lowered the city’s rating to Ba2 from Baa2, the second-lowest investment grade.

The city’s credit rating could be lowered further after an analysis of the steps taken to address future payments on debt and two interest-rate swaps that are costing about $800,000 a year, Moody’s said in an Oct. 19 report.
Anonymous Coward
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01/28/2010 12:28 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
The country is bankrupt
Dead Man Walking (OP)
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01/28/2010 01:01 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
The country is bankrupt
 Quoting: Anonymous Coward 69144



It sure is.
PA Resident
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01/28/2010 01:04 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
The City of Harrisburg is facing bankruptcy, not the Commonwealth of Pennsylvania...
Dead Man Walking (OP)
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01/28/2010 01:07 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
The City of Harrisburg is facing bankruptcy, not the Commonwealth of Pennsylvania...
 Quoting: PA Resident 876424



that is the commonwealth of Pa.
Anonymous Coward
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01/28/2010 01:08 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.
Dead Man Walking (OP)
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01/28/2010 01:08 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.
 Quoting: Anonymous Coward 875486


IF the city falls, the state will follow.
Hitndahedfred

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01/28/2010 01:09 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
And on top of that the MAYORS SON was arrested for Attempted Rape, Simple Assault Charges.


Check it out here I live 25 miles South of this hellhole


[link to www.wgal.com]

peace
Each time a person stands for an ideal, or acts to improve the lot of others, or strikes out against injustice, he or she sends forth a tiny ripple of hope. And crossing each other from a million different centers of energy and daring, those ripples build a current that can sweep down the mightiest walls of oppression and resistance. Few are willing to embrace the disapproval of their fellows, the censure of their colleagues, the wrath of their society. Moral courage is a rarer commodity than bravery in battle or great intelligence. Yet it is the one essential vital quality for those who seek to change a world that yields most painfully to change. [Robert F. Kennedy]



[link to www.stricklychopped.com]

[link to www.ghi-engrs.com]
Anonymous Coward
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01/28/2010 01:09 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
How the hell can the country be bankrupt when the US holds
the most amount of gold at the IMF?
Besides..the little bastards at the Federal Reserve can print all they want!
This isn't about $..
This is about control!
Dead Man Walking (OP)
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01/28/2010 01:10 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
And on top of that the MAYORS SON was arrested for Attempted Rape, Simple Assault Charges.


Check it out here I live 25 miles South of this hellhole


[link to www.wgal.com]

peace
 Quoting: Hitndahedfred


haha! I feel for you, I'll check out the article, thanks.
Anonymous Coward
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01/28/2010 01:11 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.
 Quoting: Dead Man Walking 875485


Not necessarily. Orange County went bankrupt, but California didn't.
Dead Man Walking (OP)
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01/28/2010 01:12 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.
 Quoting: Anonymous Coward 875486

California is bankrupt already.
Hitndahedfred

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01/28/2010 01:13 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.
 Quoting: Anonymous Coward 875486



Ummm

Think again man
Each time a person stands for an ideal, or acts to improve the lot of others, or strikes out against injustice, he or she sends forth a tiny ripple of hope. And crossing each other from a million different centers of energy and daring, those ripples build a current that can sweep down the mightiest walls of oppression and resistance. Few are willing to embrace the disapproval of their fellows, the censure of their colleagues, the wrath of their society. Moral courage is a rarer commodity than bravery in battle or great intelligence. Yet it is the one essential vital quality for those who seek to change a world that yields most painfully to change. [Robert F. Kennedy]



[link to www.stricklychopped.com]

[link to www.ghi-engrs.com]
Anonymous Coward
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01/28/2010 01:13 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.

California is bankrupt already.
 Quoting: Dead Man Walking 875485



Orange County went bankrupt in 1994. California did not.
Dead Man Walking (OP)
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01/28/2010 01:16 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.

California is bankrupt already.



Orange County went bankrupt in 1994. California did not.
 Quoting: Anonymous Coward 875486



California is toast.
Anonymous Coward
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01/28/2010 01:17 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.

California is bankrupt already.



Orange County went bankrupt in 1994. California did not.



California is toast.
 Quoting: Dead Man Walking 875485


Perhaps, but it has nothing to do with the 1994 bankruptcy of Orange County.
Dead Man Walking (OP)
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01/28/2010 01:21 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.

California is bankrupt already.



Orange County went bankrupt in 1994. California did not.



California is toast.


Perhaps, but it has nothing to do with the 1994 bankruptcy of Orange County.
 Quoting: Anonymous Coward 875486

Never said it did. :0)
PA Resident
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01/28/2010 01:23 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
The City of Harrisburg is facing bankruptcy, not the Commonwealth of Pennsylvania...



that is the commonwealth of Pa.
 Quoting: Dead Man Walking 875485

No, it is not. The City of Harrisburg is a Municipal government that receives its money from the city's residents and by means of grants and loans from Dauphin County, the Commonwealth of Pennsylvania, and the Federal Government.
Anonymous Coward
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01/28/2010 01:23 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.

California is bankrupt already.



Orange County went bankrupt in 1994. California did not.



California is toast.


Perhaps, but it has nothing to do with the 1994 bankruptcy of Orange County.

Never said it did. :0)

No, but you said that Pennsylvania will go bk because one of its cities is bankrupt, which is simply not true.
 Quoting: Dead Man Walking 875485
Dead Man Walking (OP)
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01/28/2010 01:24 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
The City of Harrisburg is facing bankruptcy, not the Commonwealth of Pennsylvania...



that is the commonwealth of Pa.

No, it is not. The City of Harrisburg is a Municipal government that receives its money from the city's residents and by means of grants and loans from Dauphin County, the Commonwealth of Pennsylvania, and the Federal Government.
 Quoting: PA Resident 876424


Your point?
Dead Man Walking (OP)
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01/28/2010 01:25 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.


Not necessarily. Orange County went bankrupt, but California didn't.

California is bankrupt already.



Orange County went bankrupt in 1994. California did not.



California is toast.


Perhaps, but it has nothing to do with the 1994 bankruptcy of Orange County.

Never said it did. :0)

No, but you said that Pennsylvania will go bk because one of its cities is bankrupt, which is simply not true.

 Quoting: Anonymous Coward 875486

Just my humble opinion Lad.
Anonymous Coward
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01/28/2010 01:27 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Then you should change your thread title to reflect as much.
Dead Man Walking (OP)
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01/28/2010 01:28 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Then you should change your thread title to reflect as much.
 Quoting: Anonymous Coward 875486


Better take that issue up with the Author of the article.


peace
PA Resident
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01/28/2010 01:28 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.
 Quoting: Dead Man Walking 875485

Not necessarily. The City of Harrisburg is only the 6th largest Pennsylvania city and is much smaller than Philadelphia or Pittsburgh (Harrisburg has only 500,000 in population).

The City of Harrisburg does not pay for State Government functions in the Capitol City, neither is this the first time in history that Harrisburg has faced such a situation.
Dead Man Walking (OP)
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01/28/2010 01:30 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.

Not necessarily. The City of Harrisburg is only the 6th largest Pennsylvania city and is much smaller than Philadelphia or Pittsburgh (Harrisburg has only 500,000 in population).

The City of Harrisburg does not pay for State Government functions in the Capitol City, neither is this the first time in history that Harrisburg has faced such a situation.
 Quoting: PA Resident 876424


Listen, Cali is broke, Pa is broke, The entire country is broke. Deal with it.
PA Resident
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01/28/2010 01:39 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.

Not necessarily. The City of Harrisburg is only the 6th largest Pennsylvania city and is much smaller than Philadelphia or Pittsburgh (Harrisburg has only 500,000 in population).

The City of Harrisburg does not pay for State Government functions in the Capitol City, neither is this the first time in history that Harrisburg has faced such a situation.


Listen, Cali is broke, Pa is broke, The entire country is broke. Deal with it.
 Quoting: Dead Man Walking 875485

No, you get your facts straight! The 18th largest economy in the entire world is not going broke simply because a medium sized city that happens to be its capitol is $68 million in the hole. You are an idiot if you think the Commonwealth of Pennsylvania is going to go broke over a piddly $68 million (much less than its $600 billion GDP).
Dead Man Walking (OP)
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01/28/2010 01:40 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Harrisburg is a city, not a state.


IF the city falls, the state will follow.

Not necessarily. The City of Harrisburg is only the 6th largest Pennsylvania city and is much smaller than Philadelphia or Pittsburgh (Harrisburg has only 500,000 in population).

The City of Harrisburg does not pay for State Government functions in the Capitol City, neither is this the first time in history that Harrisburg has faced such a situation.


Listen, Cali is broke, Pa is broke, The entire country is broke. Deal with it.

No, you get your facts straight! The 18th largest economy in the entire world is not going broke simply because a medium sized city that happens to be its capitol is $68 million in the hole. You are an idiot if you think the Commonwealth of Pennsylvania is going to go broke over a piddly $68 million (much less than its $600 billion GDP).
 Quoting: PA Resident 876424


Do you still live in your mothers basement? You really need to get out more son.
Anonymous Coward
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01/28/2010 01:44 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
And the "mayor" just granted huge pay raises to her "staff".

what a piece of work.
PA Resident
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01/28/2010 01:50 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Do you still live in your mothers basement? You really need to get out more son.
 Quoting: Dead Man Walking 875485

Actually no, I don't live in my mother's basement. In fact, I rent out a room to my mother and help to take care of her so she doesn't end up in a home with some brainless jerk like yourself.
Dead Man Walking (OP)
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01/28/2010 01:51 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
And the "mayor" just granted huge pay raises to her "staff".

what a piece of work.
 Quoting: Anonymous Coward 781636


While thousands are out of work in Pa, seems justified to give the "staff" a raise don't you think? *shaking head*
Dead Man Walking (OP)
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01/28/2010 01:51 PM
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Re: US State Of Pennsylvania Warned Is Facing Bankruptcy
Do you still live in your mothers basement? You really need to get out more son.

Actually no, I don't live in my mother's basement. In fact, I rent out a room to my mother and help to take care of her so she doesn't end up in a home with some brainless jerk like yourself.
 Quoting: PA Resident 876424



HAHA! "fail" *laughing so hard*

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